Pi Coin has faced a turbulent period since its mainnet launch last week. After an unexpected 99% crash in just four days, the altcoin has shown some signs of recovery, but its journey remains uncertain. Despite the recent 116% bounce, Pi Coin is still grappling with significant challenges. Technical indicators are giving mixed signals, and investors are closely watching for confirmation of a true recovery.
Bearish Crossover and Mixed Market Sentiment
The Moving Average Convergence Divergence (MACD) indicator has recently shown a bearish crossover, which typically signals that the altcoin may experience further downward pressure. This crossover has caused concern among investors, as it implies that the market is currently leaning toward selling activity. Despite this, Pi Coin’s recovery could still be in the cards, provided the altcoin can generate enough buying interest to reverse the current trend.
The Chaikin Money Flow (CMF) indicator has been fluctuating dramatically over the past week, reflecting the market’s volatile sentiment. Initially, the CMF dropped significantly as investors sold off their positions following the mainnet launch, but a spike in the indicator suggests that some investors see the price dip as a buying opportunity.
Resistance at $1.72 and Path to $2.00
Pi Coin is trading at $1.56, just above its immediate support level of $1.43. To confirm a shift toward bullish momentum, the token needs to breach the $1.72 resistance level, which could trigger a larger move upward. A break of this resistance would pave the way for the price to push past $2.00, signaling the potential for a new all-time high (ATH).
However, if Pi Coin fails to gain sufficient buying pressure and the bearish crossover persists, the price could slide further toward the $1.19 support level. Investors will need to monitor the next few days closely to see if Pi Coin can regain momentum or face more declines.
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